Israeli gaming co 888 to buy Bwin.party for $1.4b

Avi Shaked

The acquisition will make 888 one of the most dominant players in the online gambling industry.

Israeli gaming company 888 Holding plc (LSE:888), which operates the world's largest online casino and poker operation, has beaten British rival GVC to the acquisition of Bwin.party Digital Entertainment. 888 will buy the British-Austrian gambling company for $1.4 billion. 888 officially announced the acquisition this morning.

888 will pay 104.09 pence per share and in order to complete the acquisition has agreed a financing package with Barclays and JP Morgan. 888 itself has a market cap of $894 million.

The merger will make 888 one of the most dominant players in the online gambling industry, and among other things will strengthen 888's presence in the sports gambling niche.

Israel's Shaked family controls 888 together with the Ben-Yitzhak family.

Published by Globes [online], Israel business news - www.globes-online.com - on July 17, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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